Warteck Invest increases earnings

At 26.8 million, Warteck Invest's consolidated profit was 21.4% below the record result of the previous year. However, excluding the special effect of the reversal of tax provisions in the previous year and the valuation result, the previous year's profit was exceeded by 5.9%, the company reports.

Due to the acquisition of a residential property at Dornacherstrasse 150 in Basel (annual rental income 0.2 million), investments in new construction and renovation projects (10.9 million) and as a result of revaluations, the market value of the real estate portfolio increased by 30.4 million or 3.8% to 838.6 million, Warteck Invest said.

The gross return on investment properties decreased from 4.8% to 4.6% as a result of the revaluations. The net yield remained at the previous year's level of 3.8% due to lower vacancy rates. Warteck Invest's properties are located in eleven cantons, with Basel with a share of 48% (previous year: 46%) and Zurich with 30% (previous year: 32%) forming the geographical focal points.

Target rental income decreased slightly byTP1.01T2to36.7 million in the year under review (previous year:37.1 million). By contrast, net rental income increased by 3.8% to 30.6 million (29.5 million), thanks in part to the significantly reduced vacancy rate of 3% (previous year: 5%). At 38.2 million, EBIT was 3.1% lower than in the previous year (39.4 million). Financial expenses, which according to the company represent the largest cost block, decreased by 13.1% to 5.6 million (6.4 million).

The portfolio proved resistant to income shortfalls during the Corona crisis in the year under review, Warteck Invest said. In total, rent waivers amounting to around 1.3% of the annual target rental income (0.5 million) had been granted.

The net result corresponds to earnings per share of CHF 108.18, or CHF 66.67 excluding revaluation effects.